Uniswap Labs Acquires Stake in PONS, Fueling Token Surge
Uniswap Labs has acquired a stake in PONS as part of a strategic, long-term partnership, a move that propelled the PONS token to a new all-time high of $0.75.
The acquisition coincides with a reported surge in activity on the PONS platform. Over the past 24 hours, more than 63% of the trading volume on the Robinhood Chain launchpad has transacted through the protocol.
PONS announced the purchase on September 4, stating that the deal would strengthen its collaboration with Uniswap and foster “long-term alignment” between the two projects. The announcement did not specify the size of Uniswap Labs’ stake or the financial terms of the transaction.
The market responded swiftly to the news. At the time of reporting, PONS was trading at $0.71, marking a 40.2% increase over the last 24 hours and an impressive surge of over 507% in the past week, according to CoinGecko data. The token had earlier reached a record high of $0.75 before a slight pullback, with its current price hovering just below that peak.
Trading volume also saw a significant uptick, with $151.8 million exchanged in the preceding day, a 9% increase from the previous session. Looking at longer timeframes, PONS has demonstrated remarkable growth, climbing more than 1,769% in the last 14 days and over 2,713% for the month. This rally traces back to a low of $0.0033 in mid-July. The token has also appreciated by nearly 25% against Bitcoin.
Since its inception, Pons has implemented deflationary mechanisms. The project reports that 29.34% of the total PONS supply has been burned to date, with 80% of protocol fees allocated to ongoing token buybacks and burns.
In recent developments, the PONS team has expanded its platform by adding tokenized stock pairs, including those for UPS, Snap, Lululemon, Figma, Moderna, Pfizer, Rivian, Marvell, and Johnson & Johnson within the last day alone, with trading commencing shortly after. This expansion contributed to a significant portion of the Robinhood Chain’s launchpad volume, with over 63% of its total 24-hour volume of $400 million flowing through the PONS platform.
The acquisition of a PONS stake by Uniswap Labs occurred in the same week that Uniswap’s native token, UNI, also experienced a notable climb. As previously reported, UNI gained as much as 32% over a seven-day period and has continued its upward trajectory, trading just below $6.40 at the time of this report, representing an increase of over 60% in the last 30 days.
Leave a Reply